Cleveland-Cliffs CEO talks automotive industry, using hydrogen, but no update on U.S. Steel bid

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Cleveland-Cliffs offered no update on its bid to acquire U.S. Steel on Tuesday.

Lourenco Goncalves, president and CEO of Cleveland-Cliffs, said he was prohibited by agreements from commenting on the status of efforts to buy U.S. Steel. CLEVELAND, Ohio — Cleveland-Cliffs CEO Lourenco Goncalves offered up updates about the automotive industry and using hydrogen to make steel during a presentation for investors Tuesday morning, but he stayed clear of commenting on Cliffs’ desire to acquireGoncalves started the earnings call by addressing the U.S.

customers do not include Ford, GM or Stellantis, who are often referred to as the Detroit “Big Three.”the micro-chip shortage or other supply chain issues that hit the automotive industry in 2021 and 2022. “Our decision to use hydrogen as our decarbonization path sets us apart from the crowd,” Goncalves said.

 

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